Friday, January 28

Investment in health is key in economic recovery, indicates Fedefarma

Although the health emergency caused by the SARS-CoV-2 virus has hit humanity significantly, it also made it clear that investment in health should represent a priority item at a global level.

Therefore, this December 12, as part of the celebration of Universal Health Day, the Central American and Caribbean Federation of Pharmaceutical Laboratories (Fedefarma) calls on the authorities to evaluate the efficiency of their plans and actions for the benefit of public health.

Forecasts suggest that the pandemic and its effects cost the global economy up to 8% of GDP in 2020. However, each year poor health costs cost around 15% of GDP, due to premature deaths and potential loss of production among the population of productive age, according to the report “Prioritizing Health: A Recipe for Prosperity” del McKinsey Global Institute.

Economic historians believe that improving health accounted for about a third of the overall growth of per capita GDP in developed economies in the last century. According to the report of McKinsey Global Institute, the economic impact of better health could add $ 12 trillion to world GDP by 2040.

Governments, in their attempt to control health expenditures in the short term, underestimate the value that innovation offers in improving health indices. A late access to innovative products could negatively affect the care and health of patients, which may rather lead to increased spending in the long term, “he commented. Victoria Brenes, executive director of Fedefarma.

In this research, they examined the health challenges of nearly 200 countries and found that healthy habits, expanding access to primary care, and improving adherence to medication could contribute to a 65-year-old age in 2040 was equivalent to a 55-year-old today; infant mortality would decrease by 65% ​​and 230 million more people would be alive by 2040.

Covid-19 a great lesson

For Fedefarma, although the region still struggles to respond to the main challenges of COVID-19, a deep reflection is necessary not only on how to increase investment in health, but also on how to more efficiently invest resources in health; also on the need to promote research and development in the region.

“The situation caused by Covid-19 has made the need to improve the processes of introducing new products more than evident through the use of technologies that allow better decision-making and a more efficient use of resources”, Brenes added.

The pharmaceutical sector sees as essential the joint work of the public, private and academic sectors to evaluate and improve these processes. With the pandemic, it has been shown that collaboration between different sectors is critical and beneficial.